BRICS Business Council succeeded as development institution — official

MOSCOW, July 16. /ITAR-TASS/. BRICS Business Council established a year ago has succeeded as an international development institution, head of the council’s Russian section, President of the Russian Chamber of Commerce and Industry Sergey Katyrin said after the council’s meeting in Brazil.

“We have nearly determined the promising multilateral investment projects and will soon promote them at the national level in agriculture and foods, infrastructure, logistics and transport as well as green economy,” he said. “This and next year we expect concrete results” in realization of some projects by the five member countries - Brazil, Russia, India, China and South Africa.

BRICS is considered an example by many countries keen to make positive changes, Katyrin believes. “Creation of the New Development Bank with the $100 billion authorized capital and the agreement on a pool of reserve currencies will provide the five financial systems with additional security against negative world fluctuations and enable confident lending for infrastructure projects,” he said.

Concerted efforts to develop the BRICS information portal as “a high-quality platform for exchanging business information, project offers, the best experience and business practices” was the key near-term goal, Katyrin said.

BRICS Business Council is aimed to find out problems that weigh on expansion of economic, trade, business and investment ties among the five BRICS countries, makes proposals of ways to eliminate them, seeks to develop favourable business climate and direct ties among BRICS entrepreneurs.